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Sesa Goa Ltd, a majority-owned subsidiary of Vedanta Resources Plc, announced on Thursday that it has completed the acquisition of Goa Energy Pvt Ltd (GEPL) from Videocon Industries Ltd for Rs 101 crore.
Sesa Goa had on November 3 last year signed a share purchase agreement with Videocon Industries — along with other shareholders of GEPL — under which it had agreed to completely buy out GEPL for the enterprise value of Rs 101 crore on cash-free debt-free basis, including normative working capital of Rs 2.75 crore.
GEPL owns and operates a 30-MW waste heat recovery power plant in Goa, which utilizes the waste heat and gases from Sesa Goa's coke making and pig iron facilities.
The move is part of the preparatory work leading up to a major restructuring, already proposed, in the group.
Sesa Goa closed at Rs 212.60, down around 1 per cent, on the BSE. Some 4.63 lakh shares changed hands.
> jayanta_mallick@thehindu.co.in
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